Blood Glucose Test Strips Market Size to Reach Revenues of over USD 13 Billion by 2026 - Arizton
CHICAGO, May 11, 2021 /PRNewswire/ -- In-depth analysis and data-driven insights on the impact of COVID-19 included in this global blood glucose test strips market report.
The blood glucose test strips market is expected to grow at a CAGR of over 6% during the period 2020−2026. This report also offers market share by volume for the forecast period.
Key Highlights Offered in the Report:
- During the COVID-19 pandemic the usage of blood glucose monitoring devices increased drastically, which in turn increased the usage of the blood glucose test trips. Every diabetic patient in the hospital was asked to use their own glucose meters and test strips, there was no sharing of devices, test strips were allowed in the market, surging the usage of test strips among the patients.
- Glucose dehydrogenase-based test strips dominated the market and is expected to grow at incremental growth of more than USD 3 billion.
- Offline segment dominated the distribution channel segment. However, the online channel of delivery is expected to grow at a CAGR of around 9% during the forecast period.
- Individuals accounted for a larger share in the end-user segment. The usage of self-monitoring blood glucose devices is high among the individuals. This accounted for a larger volume of test strips usage among the Individuals and is expected to grow at a CAGR of over 10%.
- North America accounted for the largest share by revenue and is expected to dominate the market during the forecast period. However, based on volume, Europe dominated the market and APAC is expected to grow at a CAGR of over 14%.
Key Offerings:
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by technology, end-users, distribution channel, and geography
- Competitive Landscape – 4 key vendors and 30 other vendors
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Blood Glucose Test Strips Market – Segmentation
- The glucose dehydrogenase (GDH) test strips account for 70% of the market share. High accuracy in measuring blood glucose levels has positively affected the usage of self-monitoring blood glucose (SMBG) devices, especially in critical care settings. GDH tests strip are free from oxygen, galactose, and maltose interfaces, thereby measuring sugar levels accurately in the human blood.
- The hospitals & clinics segment is likely to observe the unit shipments of approx. 6 billion units by 2026, growing at a CAGR of approx. 8%. Hospitals and clinics purchase test strips in a large volume via group purchase organizations. With the outbreak of the COVID-19 pandemic, these have become widely used devices in hospitals and ambulatory settings for detecting hyperglycemia, hypoglycemia, and glycemic variabilities.
- Offline channels expect to reach over USD 7 billion by 2026, growing at a CAGR of approx. 5%. Offline channels constitute a significant medium of sales in developing and underdeveloped countries. The offline store segment includes hospital pharmacies, standalone pharmacies, and other pharmacies.
Blood Glucose Test Strips Market by Technology
- Glucose Dehydrogenase (GDH)
- Glucose Oxidase (GOD)
Blood Glucose Test Strips Market by Distribution Channel
- Online
- Offline
Blood Glucose Test Strips Market by End-user
- Individuals
- Hospitals & Clinics
- Others
Blood Glucose Test Strips Market – Dynamics
Over the years, various technological advances have been introduced in blood glucose test strips. The spill-resistant test strips launched by Roche are unlike the conventional blood glucose test strips as they are designed to prevent spillage and can be easily removed from SMBG devices. The test strip's new port light and the background lit display are particularly helpful for people with poor eyesight or when testing under poor lighting conditions. Once the blood sample is placed on the strip, the results get reflected on the SMBG device in less than four seconds. Other vendors are also trying to introduce advanced test strips with superior quality. For instance, India-based Achira Labs has started manufacturing glucose blood test strips from silk, which costs just about one-third of the existing plastic polymer test strips in the market.
Key Drivers and Trends fueling Market Growth:
- High Demand for Test Strips due to COVID-19 Pandemic
- Increasing Demand for Generic Test Strips
- Increase in Prevalence of Diabetes
- Approvals/Launch of New Blood Glucose Test Strips
Blood Glucose Test Strips Market – Geography
In terms of revenue, North America accounted for the largest market share at over 38% in 2020. The region has a large diabetic patient population and, therefore, a higher demand for BGM devices and blood glucose test strips. The major countries covered in the region include the US and Canada. The US accounted for the largest share of the market as the usage of test strips is high in the country. Moreover, factors such as the availability of medical reimbursement and well-established healthcare infrastructure are further increasing the adoption of blood glucose test strips in the region. The rapidly increasing prevalence of diabetes in the region is driving the growth of the market.
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Blood Glucose Test Strips Market by Geography
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- APAC
- China
- India
- Japan
- South Korea
- Australia
- Latin America
- Mexico
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- Saudi Arabia
- Turkey
- South Africa
- Iran
Major Vendors
- Abbott
- F. Hoffmann-La Roche
- Ascensia Diabetes Care Holding
- LifeScan
Other Prominent Vendors
- 77 Elektronika Kft
- ARKRAY
- AgaMatrix
- Alliance International
- B. Braun Melsungen
- Bionime
- Bioptik
- BioTest Medical
- BTNX
- EASYMAX
- MED TRUST
- Trividia Health
- MEDISANA
- Bioland Technology
- TaiDoc Technology
- Rossmax International
- e-LinkCare Meditech
- Diagnosis S.A
- Microlife
- HMD
- Ypsomed
- National Diagnostics Products
- Norditalia
- IME-DC
- Major BioSystem
- PharmaTech
- Sanofi
- Terumo
- Unistrip
Explore our healthcare & lifesciences profile to know more about the industry.
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About Arizton:
Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.
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